Senator Elizabeth Warren and consumer advocates are vehemently opposing potential stablecoin issuance by major corporations like Amazon and Walmart under the pending GENIUS Act. The legislation, which could pass the Senate next week, would establish regulatory guidelines for stablecoins but contains provisions allowing large tech firms and retailers to create their own dollar-pegged cryptocurrencies. Critics argue this would give these companies dangerous control over consumer financial data and the broader economy, while proponents see it as necessary infrastructure for blockchain adoption. The bill has faced Democratic resistance over corporate currency concerns, though key lawmakers now support it. Some Republicans also oppose what they call a ‘giveaway to Big Tech.’ The debate highlights growing mainstream interest in stablecoins beyond crypto-native circles.
about Warren Slams Big Tech Stablecoin Plans Under GENIUS Act